Canada Tax filing issue - missing T5 slip from Questrade

[MikeL]

Need some help here.

 

Questrade didn't provide T5 for BAM special dividend in 2021, I have been in contact with them for the last 3 weeks, and still didn't get anything. what should I do when file tax with CRA:

 

1, file tax with the special dividend based on my own calculation. since CRA didn't have the T5, they will for sure issue an inquiry asking me to provide supporting documents

2, don't file the special dividend. this will match what CRA has on file since the broker (Questrade) didn't provide the T5 to CRA as well, but I just felt this is not the right thing to do.

 

any advice is much appreciated!

Edited April 18, 2022 by MikeL

[Rod]

I would just enter the dividend myself without the T5. I don't think CRA will complain if you are paying your taxes correctly.

[MikeL]

Thanks Rod, that's what I was thinking. never had a situation like this before, I guess I will wait and see what CRA will do when there's a discrepancy between my tax filing and T5 on their file.

[Pedro]

Vetern qtrade user. Just make sure you have the right account chosen.  Qtrade has a drop down for all your accounts on the tax slip page. I remember i kept looking for a slip but it defaulted to a tsfa and needed to change to an rrsp. I doubt that fixes your problem but you never know. Happened to me so I thought id mention. Cheers 

[MikeL]

Thanks Pedro, that happened to me before.

This time, it's the right account, got all other T5, but missing the one from BAM special dividend.

[KCLarkin]

1. Are you sure it isn't in "all other T5"? My T5 has the BAM regular div and and BAMR special listed together. But there is nothing that distinguishes the special from regular (other than dollar amount).

2. You can also check on CRA My Account to see what tax slips they have.

 

Haven't used Questrade, but find it hard they would miss this (and only this). More likely this is user error and you will end up reporting it twice.

[MikeL]

Thanks KCL, I have checked it many times, the T5  they gave me only reflects the regular dividend. Also checked CRA my account, it matches what Questrade provided to me, no T5 for the special dividend.

I found it hard to believe as well. They shows up in account activities as Corporate actions, not dividends, maybe that's the reason?

 

[KCLarkin]

Does QT show a cost basis for these shares? Looks like they are valuing the shares at 0, which would explain the lack of T5. If you are sure the dividend isn't included in the first line, you can self-report without a T5. This will almost certainly NOT trigger an inquiry from the CRA. They often get miscellaneous income reported that is not on slips.

[MikeL]

Questrade doesn't show cost base for BAMR, the BAMR share shows up as a distribution on T5008. yes, the dividend on the first line is regular BAM quarterly dividend. I have already reported in my tax filing.

 

Thanks for the help!